Revocable Credit

One that may be amended or cancelled without notice to the beneficiary.

Revolving Credit

A credit automatically reinstated after each drawing or upon receipt of authorization from DC issuing bank, with limits as to the duration of the facility and as to the (cumulative or non-cumulative) amount involved for each drawing - see Special DCs.

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Schedule

The Remitting/Negotiating Bank's letter covering a bill sent to the Collecting/Issuing Bank, which lists the documents attached and gives collection and/or payment instructions.

Self-Liquidating

A transaction is said to be self-liquidating when there is a known source of funds available for its settlement on due date.

Shipment Date

The date inserted on the bills of lading evidencing goods received on board is regarded for documentary credit purposes as being the d